Dow, S&P 500 and Nasdaq futures fell today after Powell was subpoenaed.

• Dow Jones futures fall after criminal complaint.
• Jerome Powell summoned by the Department of Justice
• Trump puts pressure on Fed ahead of earnings season.

US futures markets fell Sunday night after news broke that the Federal Reserve chairman, Jerome Powell was formally subpoenaed by the Department of Justice. The surprising move comes amid growing tension between the central bank and the administration of current US President Donald Trump.

Dow Jones futures fell 0,4%, while contracts linked to the S&P 500 dropped 0,5%. The Nasdaq 100 showed the biggest decline among the major indexes, falling 0,7%. The negative reaction comes after a previous week marked by new all-time highs in the American stock markets.

In an unusual video statement, Powell confirmed that the Federal Reserve had received grand jury subpoenas. “The Justice Department served the Federal Reserve with grand jury subpoenas, threatening criminal charges related to my testimony before the Senate Banking Committee last June,” he said. He characterized the act as a direct threat to the central bank’s autonomy in setting interest rates, stating that decisions are made to “serve the public” and not to “follow the President’s preferences.”

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Political tension is occurring amidst a busy economic calendar. Investors are closely watching the release of the Consumer Price Index (CPI), scheduled for Tuesday. Last Friday, the December jobs report indicated a gradual slowdown in the labor market, which helped reinforce expectations that interest rates will remain unchanged. According to CME FedWatch data, the probability of the Federal Reserve keeping rates unchanged is 95%.

In addition to economic data, geopolitical factors remain on the radar. Trump is considering new measures against Iran and intensifying pressure on Cuba, especially after developments involving Venezuelan oil. The president also reiterated the possibility of US control over Greenland, reinforcing an interventionist tone.

The next few days promise to be decisive as the 2026 earnings season gains momentum. Banks such as JPMorgan, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley will release their results this week. Taiwan Semiconductor is also in the spotlight, forecasting a 20% increase in annual revenue, driven by growing demand for artificial intelligence chips.

Despite the tense atmosphere in the stock markets, Bitcoin reacted positively to the news, registering a 1% increase and trading at US$91.500.